StoneCo "Roadmap unchanged; Updating estimates" (Buy) Prato

研报英文原文证据摘录

StoneCo "Roadmap unchanged; Updating estimates" (Buy) Prato

Global Research

28 May 2026ab

StoneCo Equities

BrazilRoadmap unchanged; Updating estimates

Diversified Financial

12-month rating Buy *

Updating estimates to reflect recent operating trends

We updated our model to reflect recent operating trends post 1Q, resulting in an 12m price target US$17.00

average -3% cut to our 2026-30E adj. net income estimates. We expect to see results Prior : US$19.00

increasing throughout the year, supported by accommodations in credit provisions

Price (28 May 2026) US$11.33

(following recent changes implemented in 1Q) and TPV recovery, partially offset by

expenses and effects of higher than previously expected policy rates. Our new PT is RIC: STNE.O BBG: STNE US

at US$17 (from US$19), impacted by earnings changes and recent macro

Trading data and key metrics

developments increasing long-term rates / CoE (reducing our target multiple, more

52-wk range US$19.46-9.61

below). We reiterate our Buy supported by the expectation of gradual operating

improvements (on both credit and payments), attractive valuation and yield. We Market cap. US$2.87b

see the stock trading at 5.5x/5.0x PE 26/27E and NTM yield could reach ~15%. Shares o/s 254m (COM)

Free float 72%

Another chapter of the story on Credit and Payments Avg. daily volume ('000) 6,067

As we anticipated in our feedback report here, the short-term environment Avg. daily value (m) US$77.4

continues to be challenging, but management is already addressing these Common s/h equity (12/26E) R$12.6b

headwinds. On credit, recent asset quality deterioration was driven by macro, P/BV (12/26E) 1.1x

deterioration in underwriting models and isolated cases in dedicated desk. The Net debt to EBITDA (12/26E) 0.7x